Al­izz Is­lamic Bank or­gan­ises Bushra Prize Sav­ings Ac­count quar­terly, monthly and weekly draws

Muscat Daily - - PRESS RELEASES -

Al­izz Is­lamic Bank re­cently or­gan­ised the lat­est quar­terly draw event for Oman’s first Sharia’acom­pli­ant Prize Sav­ings Ac­count, Bushra. The draw was held at Al­izz Is­lamic Bank's Barka branch in the pres­ence of a num­ber of se­nior staff mem­bers of the bank and cus­tomers.

Three win­ners re­ceived the weekly prize of RO1,000 each. The monthly draw win­ner took home RO25,000 and the quar­terly draw win­ner won RO50,000.

Al­izz Is­lamic Bank launched the Bushra Prize Sav­ings Ac­count early last year as Oman’s first fully Sharia’a-com­pli­ant Prize Sav­ings Ac­count of­fer­ing daily, weekly, monthly, quar­terly and an­nual cash prizes as hiba (gift) from the share­hold­ers. The ac­count, which comes with the ap­proval of the Sharia'a Su­per­vi­sory Board, re­flects the bank’s ef­forts to de­liver in­no­va­tive and high-qual­ity prod­ucts and en­sure a premium cus­tomer ex­pe­ri­ence.

Bushra Prize Sav­ings Ac­count is based on the Sharia'a prin­ci­ple of ‘Mu­daraba’ un­der which the bank in­vests cus­tomer sav­ings in Sharia'a-com­pli­ant fi­nanc­ing to gen­er­ate the best pos­si­ble re­turns and prof­its. The cus­tomer acts as the cap­i­tal provider while the bank takes up the role of ‘Mu­darib’ or en­tre­pre­neur. All cus­tomer funds along with the bank’s own cap­i­tal are pooled and in­vested in Sharia'a-com­pli­ant in­vest­ment op­tions and the profit gen­er­ated is shared be­tween the bank and the cus­tomer on pre­de­ter­mined ra­tios. Cash prizes of­fered un­der the scheme are gifted from share­hold­ers’ funds. The min­i­mum amount re­quired to be el­i­gi­ble for the draws is only RO100, and cus­tomers also re­ceive monthly gen­er­ated profit on their de­posited amounts.

The ac­count comes with var­i­ous ben­e­fits and fea­tures such as a free debit card, on­line and mo­bile phone bank­ing ser­vices and short text mes­sage alerts for any trans­ac­tion.

The Bushra Prize Sav­ings Ac­count re­flects the bank’s com­mit­ment in pi­o­neer­ing in­no­va­tive Sharia’a-com­pli­ant prod­ucts and ser­vices that cater to cus­tomers’ needs.

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.